United Nations recognizes impact of cooperative businesses

Declares 2012 the International Year of Cooperatives

June 5, 2012

"Cooperatives are a reminder to the international community that it is possible to pursue both economic viability and social responsibility." Ban Ki-Moon, U.N. Secretary General

Cooperative businesses are so important to the world's economy that the United Nations has declared 2012 the International Year of Cooperatives (IYC), an effort aimed at raising awareness of the many important contributions that cooperative businesses make to socioeconomic development around the world.

Local Government Federal Credit Union is proud to be a cooperative business, owned and democratically controlled by members rather than outside investors. According to the United Nations, the cooperative business model makes organizations like LGFCU uniquely able to respond to social change and resilient to economic crisis.

Worldwide, the cooperative movement employs nearly 100 million people, and generated $1.6 trillion in 2011, comparable to the gross domestic product of Spain.

For more information about the International Year of Cooperatives, visit www.2012.coop, or the IYC's sister site, www.stories.coop, which features profiles of successful co-op enterprises around the world. A new story will be posted each day in 2012.

The International Year of Cooperatives will culminate with the annual International Day of Cooperatives, celebrated since 1923 on the first Saturday in July. The United Nations hopes to involve one billion co-operators in this year's celebration, raising public awareness about the cooperative business model.

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